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[220] > Image [220] of Minutes of the University of Kentucky Board of Trustees, 1993-04-may4.

Part of Minutes of the University of Kentucky Board of Trustees

Office of the President May 4, 1993 FC/ 110 Members, Board of Trustees: COLDSTREAM RESEARCH CAMPUS GROUND LEASE Recommendation: that the President be authorized to execute a Ground Lease between the University of Kentucky and Kentucky Technology, Inc. for lot 17 of the Coldstream Research Campus for the purpose of developing the Kentucky Technology Center, a multi-building, multi-tenant complex. Background: The Board of Trustees authorized the University of Kentucky Research Foundation in June of 1988 to establish Kentucky Technology, Inc. (KTI) as a for-profit corporation. KTI is a wholly owned subsidiary of the University of Kentucky Research Foundation organized to transact any lawful business for which corporations may be incorporated to include, but not limited to, investing in and operating business and real estate, developing and marketing research discoveries, and pursuing other economic development initiatives based on university developed technology. KTI will sub-lease to developers who will construct and operate buildings which will be available for lease to acceptable Coldstream tenants who do not have need of a single five acre, or larger, lot and are not interested in owning a building at the current stage of their business development. KTI may joint venture the building construction and operation with capable developers. The first building in the Kentucky Technology Center will be a joint venture between KTI and a developer and will be occupied by Process Technology, Inc. (PTI). PTI is a coal related research and development corporation currently located in Calumet, MI. PTI has an exclusive worldwide license for the KEN-FLOTE column flotation technology developed at the UK Center for Applied Energy Research. PTI intends to move to Coldstream and lease a building of approximately 10,000 square feet in the first quarter of 1994. The terms of the proposed ground lease to Kentucky Technology, Inc. will generally be the same as those currently in place for the Hughes Display Products building. These are summarized as follows: m TERMS OF GROUND LEASE PARTIES Lessor - University of Kentucky Lessee - Kentucky Technology, Inc. TXRX OF GROUND LEASE 75 years